Cryptocurrency Crash: China Warns Bitcoin Is Heading To Zero

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Beijing, June 25: As cryptocurrencies falter under the global downturn, China’s state-run newspaper Economic Daily has warned investors that the price of major cryptocurrency Bitcoin is “heading towards zero.”

The warning came as the cryptocurrency market continued to face a slump with Bitcoin hovering around $21,000 per digital coin on Saturday – a substantial drop from its November high of $68,000. ‘last year. CEO of Dubai property major Emaar Amit Jain, briefly detained at Delhi airport, later released after questioning

“Bitcoin is nothing more than a string of digital codes, and its revenue comes mainly from buying low and selling high,” the newspaper said.

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“In the future, once investor confidence plummets or when sovereign countries declare bitcoin illegal, it will revert to its original value, which is totally worthless,” he added, reports the South China Morning Post.

The Chinese government banned Bitcoin mining in July last year.

It plans to launch its central bank digital currency (CBDC) called the digital Chinese yuan (e-CNY).

The country banned all cryptocurrency transactions last September and banned foreign crypto exchanges from operating in the country in 2018.

The Economic Daily previously justified China’s ban on cryptocurrency trading with examples of stablecoins terraUSD and luna collapsing in value to zero.

The price of Bitcoin fell to a fresh low of $17,958 this month, before rallying to over $20,000 this week.

According to analysts, Bitcoin could reach $14,000 this year.

The likely lower range of $14,000 would represent a roughly 80% decline for Bitcoin from the all-time high of $68,000.

According to Coindesk, Bitcoin has historically seen periods of asymptotic price increases followed by steep crashes, “which typically span several months to two years.”

Cryptocurrency observers call these periods “cycles”.

(The story above first appeared on LatestLY on June 25, 2022 at 4:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle , log in to our website latestly.com).

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Cryptocurrency Crash: China Warns Bitcoin Is Heading To Zero


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